Press Releases

It is a great pleasure to join you at the Annual General Meeting of the Cyprus International Businesses Association (CIBA) and an honor to address such a distinguished audience.

A meeting which coincides with the Association’s 25^th year Anniversary. A milestone anniversary through which the Association celebrates its achievements and at the same time once more reaffirms its commitment to further advancing the interests of its members, to the benefit of the country and its people.

In this regard, I feel obliged to praise not only the current President and executive committee of the Association, but also all the previous ones, for their long-standing tireless efforts, hard work and significant contribution to the country’s economic stability and positive outlook, through, amongst others, promoting Cyprus as a highly-competitive destination for foreign investors and attracting international business interests.

At the same time, I would like to express my sincere appreciation to the members of CIBA, especially its international ones, as, through their business and investment initiatives, they have actively supported our efforts for economic growth and demonstrated real solidarity.

We greatly appreciate and value your support and we look forward to deepening even further our on-going and mutually reinforcing cooperation, for the future prosperity of Cyprus.

Cyprus’s comparative advantages as an attractive investment destination and a highly competitive center for International Businesses, not only have been time-tested, but have been further enhanced and expanded, setting them apart from most investment destinations.

In parallel, it is worth mentioning that the positive repercussions of an ambitious reform programme and the careful management of state finances are being reflected through successive budget surpluses, a dynamic growth rate of 4%, a drastic reduction in unemployment, as well as a significant reduction in taxation charges in an array of areas.

Further, the banking system, re-focusing its operations and fully adhering to the strictest international transparency and compliance regulations, is now based on a stronger and healthier base in terms of capitalization, liquidity and profitability.

At the same time, we promoted significant reforms, amongst others, in the public administration, the welfare and health care system and in tax administration, while, simultaneously, we enhanced the position of Cyprus as a competitive, stable and fully transparent business and investment destination, through enhancing our tax and legal frameworks and providing incentives for new entrepreneurial activities. 

The combination of the above  have resulted in renewed substantial investments in a wide range of sectors, including energy, tourism, trade and land development, of many billions of euro.

A testament to the above-mentioned are the consecutive upgrades of our economy by international rating agencies, with Cyprus being rated by three agencies to the investment grade, after being in the “junk” category seven years ago, with obvious positive repercussions as regards the country’s financial potentials and the investors trust in Cyprus.

The challenge now is to keep up the momentum and ensure that Cyprus remains on the path of sustainable growth.

Within this framework, improving the business environment still remains our top priority since we strongly believe that attracting foreign investments is one of the key drivers of economic growth during a period of intense international competition and amidst the great challenges facing our country.

The Government is currently implementing a series of new incentives and measures, which include, among others, the simplification of procedures for the faster issuing of permits and licensing of investment projects and operation of businesses, as well as the speedier granting of residence permits to foreign investors and entrepreneurs on the basis of specific economic criteria.

Moreover, new scheduled institutional reforms include the establishment of Deputy Ministries for Tourism and Research and Innovation and Digital transformation, in line with the successful example of the Deputy Ministry for Merchant Shipping.

Remaining on the path of sustainable growth is not an easy task, but we are convinced that with the right measures and establishing a truly business-friendly State we will succeed and we will pave the way for greater growth, both for you and our country, as well as its people.

Your contribution, just as in the past and in even worse economic conditions, is once more vital in assisting the efforts of the Government to demonstrate that we are well-equipped, determined and able to overcome the challenges which lie ahead.

In this respect, your synergies with International investors are highly significant in conveying all the measures and decisions adopted by the Government towards the aim of encouraging foreign investments and promoting growth, demonstrating that Cyprus retains its competitive advantage and its position as a significant international investment hub.

Concluding, I would like to congratulate the organizers for this event and thank again all of you present for your positive contribution and support, but, mostly, for your ongoing trust in Cyprus.

On behalf of my government, I would like to yet again assure that we are here to offer you all the assistance deemed necessary in order to facilitate and accommodate any feasible business plans you put forward.

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RM/IS/SCH